Crypto Stays Afloat Despite Global Stock Market Sell-Off

Crypto Stays Afloat Despite Global Stock Market Sell-Off

Cryptocurrencies managed to stay afloat on Thursday, despite the global stock markets sell-off. It is not unusual to see Bitcoin lead other digital tokens lower, however, it decreased by 0.23 percent to nearly $6,484 during the afternoon of Asia hours, while XRP fell by 2.09 percent. Coinmarketcap.com’s data shows Ethereum also dropped to 1.38 percent.

CNBC reports cryptocurrencies held a steady performance this time around, compared to the last time there was a major market stock sell-off. Back on October 11, Bitcoin dropped more than 4 percent, while XRP and Ethereum plummeted more than 11 percent during Asia trading hours alone.

Previously, cryptocurrencies as an asset class saw $18 billion of their value wiped out as global markets tumbledin only three days. According to Joe DiPasquale, CEO of cryptocurrency fund of hedge funds BitBull Capital, the unpredictability around stocks is now bleeding into the cryptocurrency markets.

“When we saw equity markets crumble, there was some fear in the cryptocurrency market as well,” he said. “I think there was an initial jolt due to larger market activity and the sell off.”

The October 11 move came during the same time a report by the International Monetary Fund was released, in which it stated, “continued rapid growth of crypto assets could create new vulnerabilities in the international financial system.”

Markets

Crypto

Stay Connected

Filthy Lucre is a lifestyle brand for those interested in living life to the fullest, no apologies. Bringing news and information about finance, politics, travel, and entertainment to those who dare to live what others only dream.